“We are collating details of all the documents concerning large loan amounts, their terms, and whether these were disbursed under the Banking Regulation Act,’’ an ED official privy to the investigation pointed out. The agency is cross-checking a list that has been prepared, naming a few corporates with links to Yes Bank
during the Kapoor tenure and even after his exit from the bank, the official said.
The probe agency has indicated that there are at least half a dozen firms that received large loans. In exchange, Kapoor’s family businesses received kickbacks, which were later invested in properties illegally.
The federal agency may also ask some close aides of Kapoor as well as former board members of the bank to join the probe. The ED suspects that like in the case of DHFL, Kapoor may have been involved in complex transactions with other corporate entities too. “It’s quite clear that the lender had sanctioned loans to various entities, despite their losses and negative net worth,’’ the ED official said.
He added that the loan extended to various shell firms linked to Kapoor’s family was a quid pro quo.
The Central Bureau of Investigation (CBI) is also in the process of collaborating evidences in the case to check every large credit sanctioned by the private lender in the last 10 years. Sources said the agency may call people from previous credit committees as well to understand the modus operandi of each suspicious loan granted to corporate entities.
Kapoor, 62, is in the ED custody till Wednesday. He was arrested early Sunday morning over money-laundering allegations. Initial investigations suggest a kickback of Rs 600 crore was paid by DHFL to DoIT Urban Ventures, a company controlled by Kapoor’s family, for not repaying a loan to Yes Bank.
According to ED sources, Kapoor and his family may have been involved in money laundering of around Rs 4,300 crore. The Reserve Bank of India had superseded the Yes Bank board last week, while putting the private lender under a moratorium. That meant a Rs 50,000 withdrawal cap for all bank customers till the moratorium lasted. The State Bank of India has announced an initial investment of Rs 2,450 crore in Yes Bank. It’s ready to put in up to Rs 10,000 crore for a 49 per cent stake in the private lender.